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GBP/JPY dropping through 153.00

FXstreet.com (London) - GBP/JPY has shed recovery gains in the afternoon of the European session by falling some 69 pips from153.39 to a low of 152.70 since the release of a closely monitored jobless claims figure from the US.

Markets are paying very close attention to data and reacting dependently in a disorderly environment. The JPY, seen as a risk-off- currency play, has been benefitting from a shift in market positioning while the Nikkei and Chinese data weighs on investors apatite.

The pound has been under scrutiny since a dovish set of BoE minutes and lost significant ground to the dollar. It has cecum to a stronger yen environment. The pair had made a technical bounce back through to test 153.50 on oversold statistics in short term intervals. However, such rallies are likely to be faded below the drop out zone of the previous channel line supported area of 155.10, targeting 150.70. On the upside, closes above 153.85 and 154.75 may offer some relief to the pair until a footing can be found back into previous daily ranges and the waves, which had been forming the ascending channel.

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